tag:blogger.com,1999:blog-4402283548766807872.post7299225935071896603..comments2024-03-20T02:26:06.500-04:00Comments on The Blunt Bean Counter: Multiple Accounts, Multiple Advisors, Minimal ReturnsThe Blunt Bean Counterhttp://www.blogger.com/profile/11358868550072516313noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-4402283548766807872.post-54188206183616792462012-02-11T15:34:50.966-05:002012-02-11T15:34:50.966-05:00Hmm... What's the risk of an investment mistak...Hmm... What's the risk of an investment mistake versus the risk of a dental mistake or an accounting mistake? Given the high barriers to entry for accounting and dentistry, the risks clients face are relatively low.<br /><br />Thanks for replying - it's good food for thought for understanding the psychology of investors.Bruce Harphamhttp://www.bruceharpham.canoreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-54621814671666325702012-02-11T15:08:50.030-05:002012-02-11T15:08:50.030-05:00Bruce, thx for taking the time to comment. Since i...Bruce, thx for taking the time to comment. Since it is tax season and I am working, I will answer your question to amuse myself. <br /><br />Bruce, try this experiment. Ask ten friends who are their most trusted professionals (5 points for first, 3 points for second and 1 for last)and have them rank the 3 professionals you note, accountants, dentists and investment advisors. <br /><br />Then ask them to rank the professional they feel they have the most risk in dealing with, one point for most risk, 3 points for 2nd and 5 point for least risk. <br /><br />Then add up the totals, I know the answer you will get and that will answer your question.The Blunt Bean Counterhttps://www.blogger.com/profile/11358868550072516313noreply@blogger.comtag:blogger.com,1999:blog-4402283548766807872.post-43891213468852566302012-02-11T14:06:12.671-05:002012-02-11T14:06:12.671-05:00I find your comment on "advisor risk" in...I find your comment on "advisor risk" interesting, simply because it is unusual. Consider other professionals: I see no particular "risk" in having a single dentist (with the possible exception of being referred to a different practice if one needed very specialized work done). Likewise, I expect many Canadians would tend to work with a single accountant.<br /><br />I can potentially see a case to be made for having different advisors for different investment goals (e.g. one advisor for one's RRSP and perhaps another for a RESP), but this seems like a risk that is best reduced by taking a more active role in investing, learning more etc.Bruce Harphamhttp://www.bruceharpham.canoreply@blogger.com